Loading...
The Financial Express

Prime Bank's net profit grows 18 per cent in Q1

FE DESK REPORT | Published: June 05, 2020 10:03:14 | Updated: June 07, 2020 10:31:28


Prime Bank's net profit grows 18 per cent in Q1

Prime Bank Limited has earned a net profit of Tk 510 million in the first quarter (Q1) of 2020 on solo basis, registering a growth of 18 per cent over the corresponding period of 2019.

The bank has also made operating profit of Tk 1.62 billion in Q1 2020on solo basis which was Tk 1.39 billion in the same period of last year, registering a growth of 17 per cent, said a statement.

The bank reported EPS of Tk 0.45 for the quarter ended on March 31, 2020 on solo basis which was Tk 0.38 in the corresponding period of 2019. Its net asset value (NAV) per share on solo basis was Tk 24.11 during January-March 2020 which was Tk 23.50 in the same period a year ago. The bank's net operating cash flow per share (NOCFPS) on solo basis stood at Tk 2.17 on March 31, 2020 which was Tk 1.74 in the corresponding period of 2019.

The leading private commercial bank, listed on the bourses, organized its earnings disclosure event on Thursday which was broadcast live on the bank's Facebook Page and YouTube Channel.

In view of the COVID-19 outbreak, the bank conducted the event through Zoom Webinar webcast to maintain social distancing.

The bank's Managing Director and CEO Rahel Ahmed and senior management officials presented the financial results of the first quarter of 2020 and answered questions from the local and foreign investment analysts, capital market experts, financial institution partners and journalists.

DMD and CFO Mohammad Habibur Rahman Chowdhury; DMD and CBO Faisal Rahman; Head of Consumer Banking ANM Mahfuz; Head of MSME Banking Syed M. Omar Tayub; Head of TB, SFD and ID Shams Abdullah Muhaimin; COO Abdul Halim; Head of Treasury SK. Matiur Rahman, Head of ICC Mohammad Jashim Uddin and Head of Brand & Communications Nazmul Karim Chowdhury joined the event.

Commenting on the occasion, Managing Director and CEO Rahel Ahmed, said: "Prime Bank has fared reasonably well in the first quarter of 2020 against the backdrop of COVID-19 pandemic that slowed down business and economic activities. At the time of crisis, we have put highest priority on health safety and wellbeing of our employees, customers and community."

"We are running our branches with minimum staff and allowing staff to avail work from home in care of their safety and wellbeing. However, we in no way will compromise on our services to the valued customers. We thank our valued customers, shareholders and Board of Directors for their continued trust, guidance and patronage at this difficult time. We will overcome the crisis with the power of togetherness, care and compassion for each other and social distancing. We are confident to regain business momentum once the crisis is over" he added.

Share if you like